Petrol, Diesel Prices Slashed By Up To ₹ 2.69 Per Litre in Delhi
The petrol prices in Delhi on Monday went below the ₹ 71 per litre-mark for the first time in eight months. The oil companies announced a price cut on petrol and diesel by ₹ 2.69 and ₹ 2.33 per litre respectively. With this slash in price, petrol in Delhi retails at ₹ 70.29, which is the lowest since July 2019. On the other hand, the diesel price in Delhi was revised to ₹ 63.01 per litre.
It is important to note that the petrol and diesel prices have fallen by ₹ 1.42 and ₹ 1.44 per litre respectively in the national capital. The fuel prices have witnessed a dip because of a massive drop in crude oil prices on the global front. Notably, the fuel prices have been dropping since February 27, 2020 particularly because of the changing trends in the international markets.
The crude oil prices crashed over 30 per cent post Saudi Arabia’s decision to cut prices and increase the production after the disintegration with the OPEC+ countries, which triggered a price war between Russia and Saudi Arabia. It is the biggest price crash ever recorded since the Gulf War in 1991.
With the oil prices crashing in the international market, India seems reap the benefits as it imports over 84 per cent of oil from the global markets, which will reportedly result in lower import bill as well as a cut in retail prices. Moreover, lower fuel prices will also boost the Indian economy by reducing the input costs.
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